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VW, Rivian, Nissan, BMW, Genesis, Audi and Volvo lose EV tax credits starting tomorrow

The U.S. Treasury said Monday that Volkswagen, BMW, Nissan, Rivian, Hyundai and Volvo electric vehicles will lose access to a $7,500 tax credit under new battery sourcing rules. The Treasury said the new requirements effective Tuesday will also cut by half credits for the Tesla Model 3 Standard Range Rear Wheel Drive to $3,750 but other Tesla models will retain the full $7,500 credit. Vehicles losing credits Tuesday are the BMW 330e, BMW X5 xDrive45e, Genesis Electrified GV70, Nissan Leaf , Rivian R1S and R1T, Volkswagen ID.4 as well as the plug-in hybrid electric Audi Q5 TFSI e Quattro and plug-in hybrid (PHEV) electric Volvo S60. The Swedish carmaker is 82%-owned by China’s Zhejiang Geely Holding Group. The rules are aimed at weaning the United States off dependence on China for EV battery supply chains and are part of President Joe Biden's effort to make 50% of U.S. new vehicle sales by 2030 EVs or PHEVs. Hyundai said in a statement it was committed to its long-range EV plans and that it "will utilize key provisions in the Inflation Reduction Act to accelerate the transition to electrification." Rivian declined to comment and the other automakers could not immediately be reached for comment. Treasury also disclosed General Motors electric Chevrolet Bolt and Bolt EUV will qualify for the full $7,500 tax credit. GM said earlier it expected at least some of its EVS would qualify for the $7,500 tax credit under the new rules, including the 2023 Cadillac Lyriq and forthcoming Chevrolet Equinox EV SUV and Blazer EV SUV. Treasury said all GM EVs will qualify. Earlier, Ford Motor and Chrysler-parent Stellantis said most of their electric and PHEV models would see tax credits halved to $3,750 on April 18. Treasury confirmed the automakers' calculations. The rules were announced last month and mandated by Congress in August as part of the $430 billion Inflation Reduction Act (IRA). The IRA requires 50% of the value of battery components be produced or assembled in North America to qualify for $3,750, and 40% of the value of critical minerals sourced from the United States or a free trade partner for a $3,750 credit. The law required vehicles to be assembled in North America to qualify for any tax credits, which in August eliminated nearly 70% of eligible models and on Jan. 1 new price caps and limits on buyers income took effect.

Next Audi TT RS comes in 2016, manual transmission doesn't

This line comes from our review of the 2012 Audi TT RS: "Did we mention that the 2012 TT RS is only available with a manual transmission?" When we review the next-generation TT RS, expected to launch next year, we'll have to rewrite that line as: "Did we mention that the TT RS is not available with a manual transmission?" That's the word from Car and Driver, which has heard that the superheated little coupe will only come with the seven-speed dual-clutch gearbox found in the Euro-market RS3 Sportback. The first generation came with a dual-clutch and a manual transmission in Europe, but the unit for our market required the laying on of hands to get from one cog to another. If we don't get another, the blow will be all the more painful because Audi's manual transmissions are so good. Our assessment summed up the last one thus, "With a short, precise throw and excellent action, the transmission is a mechanical work of art." Good news? Volkswagen says the installed DQ500 dual-clutch is faster, more refined, and more reliable. As well, power from the reworked 2.5-liter, turbocharged five-cylinder should rise from 360 horsepower to "around 400." You'll just be asked to keep your hands off of it. The first-gen car only came here after a successful Facebook petition gathered more than 11,000 signatures in a month, we wish Audi had given us a chance to weigh in on this, too. Although we will probably get it later next year as a 2017 model, we could see it at the Frankfurt Motor Show in two months. Related Video:

X1, 3 Series power BMW back into global luxury autos sales lead

BMW managed to eke ahead of Audi for the global luxury sales crown in February. According to Bloomberg, BMW saw deliveries swell by 7 percent in February, besting the 3.2 percent jump enjoyed by Audi and giving BMW a 407-unit delivery lead over its rival last month. Mercedes-Benz, meanwhile, continued to falter, with the brand selling some 37,229 fewer machines than BMW, whose factories are running at full capacity to keep up with demand. Models like the X1 (shown above) enjoyed a sales increase of 40 percent in February while the company's bread-and-butter 3 Series jumped by 26 percent.
Mercedes-Benz hopes to stem its continued market share loss with the addition of the entry-level CLA sedan to its portfolio in April. The company is set to roll out an updated version of its cash-cow E-Class at the same time, and a new-generation S-Class will follow along shortly thereafter. Meanwhile, the company is increasing production to meet demand for its A and B-Class models.